BAYC having a mega Otherside NFT launch tomorrow

BAYC, so hot right now. BAYC.

April 29, 2022

MUSHROOM ALPHA

Happy Friday. Today we got a lot to cover. Hope you guys have fun stuff planned for the weekend. If not, see weekend reads at the bottom.

Today's Topics:

  • Bored Ape Yacht Club launching something huge

  • Ethereum reports Q1 earnings

  • Coinbase updates their listing process

  • Three Arrows Capital pulls anchor from Singapore

  • Quick Links and Weekend Reading

Bored Ape Yacht Club launching Otherside NFTs

BAYC House

Bored Ape Yacht Club is sailing like they are trying to win the America’s cup. Their launch velocity has been impressive. With ApeCoin launched only last month we are now on the cusp of another massive launch.

What is launching?

First they will launch 55,000 “Otherdeed” NFTs. People are guessing it is an option to purchase virtual land in the Otherside metaverse game. We will find out tomorrow if this is true. Existing BAYC owners will get them and the public will be sold what is left. Land plots plus “Koda” aliens will be released across various dates in the future.

Note: The Otherside metaverse game is nowhere near ready.

How do I get it?

Sale begins tomorrow Saturday at 6pm PST / 9pm ET

  1. Users who completed KYC before Apr 1, 2022 will be eligible to mint with 305 ApeCoin + ETH for gas in the same wallet (2 max per wallet to start)

  2. If you have a Bored Ape or Mutant Ape you have 21 days to mint yours

There are still a lot of unknowns so tune in tomorrow and we will update in our next newsletter. Also DO NOT buy a pre-KYCed wallet from anyone. It is 99% a scam.

Ethereum reports Q1 earnings

Brought to you by the dudes at Bankless. Known for excellent writing and analysis but not short reads. Here is a snapshot from the report.

Average Daily Active Users up 4% year over year from 507,662 to 529,018 - To us this might be the most important metric to determine if an ecosystem is growing.

NFT Marketplace Volumes went from $606.3 million to $116.4 billion!

Read the full report here.

Coinbase updates their listing process

Accused of front-running they were forced to make changes. Is it us or does their CEO Brian Armstrong look like a young Jeff Bezos? Maybe it is the hair.

TLDR on actions from the CEO's long blog post:

  • Announce what they will list BEFORE technical work begins to avoid on-chain snooping

  • Label riskier assets

  • Project ratings and reviews to beta later this year - Think Yelp.

  • Additional screening of assets

  • Detecting frontrunning

Three Arrows Capital pulls anchor from Singapore

Three Arrows Capital aka 3AC is leaving Singapore for Dubai. The conservative crypto regulatory climate in Singapore may have contributed to the move. Considered to be one of the premier crypto hedge funds in the world, this move could spark an exodus.

For the first time 3AC is starting a new fund allowing outside investors to ape in. Let us know if you have connections?

Why does this matter?

Singapore, once seen as a hub for crypto, has been clamping down for unknown reasons. Dubai is happy to take Singapore leftovers. The city is eager to attract crypto companies and talent to become a “crypto hub.” This is part of their plan to wean off oil dependency.

What is going on in Dubai?

  • Large crypto exchanges have made the move (Binance, Crypto.com, Kraken, and more)

  • Real estate developer Damac is accepting crypto as payment

  • The region is clearing the regulatory runway for crypto businesses to land

Crazy 3AC Bags:

Check out their list of investments. Most of which they got in early if not first. Weep and wish you did the same. Ok pity over. Get back to work.

For more on Su Zhu the CEO/CIO of 3AC go here:

Quick Headlines

Panama OKs Bitcoin and use of crypto. Awaiting presidential sign off.

Okay Bears NFT launches on Solana with $18M in sales - Interesting to see Solana NFT projects get traction

Funding News:

Balaji suggests a Twitter token airdrop - Genius! We guessed this idea earlier.

Have an insane weekend!

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.